A poor credit history will make it more difficult to get a loan, but not impossible.
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You should prepare yourself for the fact that you will have to pay a higher interest rate and you may not be able to have as large a loan as you might like, but there are specialist and ordinary lenders who are prepared to make bad credit loans at reasonable cost. Decide whether you want a secured or an unsecured loan – the latter is more difficult to get but the only route if you are not a homeowner – and factor in the cost of payment protection insurance. Whatever type of loan you choose, watch out for hidden charges or penalties and read the entire document before you sign.
The number of credit cards in issue at the end of October was 66,555,000, of which 63.6% were active.
Source: British Bankers' Association (www.bba.org.uk)
A credit rating assessment is key to personal loan applications.
Personal loan uptake decreased slightly during November.